Stocks in Saudi up on banks, corporate announcements

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Saudi Arabia’s stock market edged up on Wednesday boosted by banks and corporate announcements, while a contract win for a unit of construction giant Arabtec lifted Dubai’s bourse.

In Saudi Arabia, National Commercial Bank <1180.SE> and Samba Financial Group <1090.SE> were the main drivers, climbing 1.1 percent and 0.7 percent, respectively. Al Rajhi Bank <1120.SE> was up 0.4 percent.

Saudi Steel Pipe Co <1320.SE> was up 0.5 percent after it said minority shareholders had agreed to sell a 47.8 percent stake in the company to Luxembourg-based steel pipe maker Tenaris <TENR.MI> for $144 million.

The Saudi index <.TASI> climbed 0.3 percent.

Investors have appeared to shrug off renewed concerns in recent days about tensions between Saudi Arabia and Iran. The kingdom on Tuesday dismissed Iranian accusations that it had backed gunmen who killed 25 people at a military parade in southwestern Iran over the weekend.

In Dubai, Arabtec Holding <ARTC.DU> climbed 2.6 percent to its highest level in more than a month after a consortium between its wholly-owned subsidiary Target Engineering Construction Co and Spain’s Tecnicas Reunidas won a 3.2 billion dirham ($871.3 million) contract from ADNOC LNG.

Emirates NBD <ENBD.DU>, Dubai’s largest bank, surged 2 percent, helping the main index <.DFMGI> gain 0.5 percent.

Abu Dhabi’s index <.ADI> climbed by 0.3 percent, with First Abu Dhabi Bank <FAB.AD> gaining 1.1 percent.

Industries Qatar <IQCD.QA> added 1.7 percent, helping the main index <.QSI> add 0.4 percent.

DUBAI (Reuters) –

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